Credit Decisioning Engines
FitLogic: The benefits of credit decisioning engines
Data is your most valuable resource. Put it to work with software for credit decisioning.
Credit decisioning engines
Harness data for actionable insights with FitLogic
Make better decisions, everywhere
The impact of credit decisioning
A decision engine is an automated system designed to process data and apply pre-defined rules or algorithms to make decisions across different domains. For example, a bank or fintech might use a decision engine to assist with marketing, pricing, customer management, debt collections, and other key areas.
Designed to automate credit application evaluations by analyzing large swathes of data to assess a borrower's creditworthiness quickly and accurately.
By implementing the FitLogic credit decisioning rules engine, credit issuers can reduce processing times and handle higher application volumes without sacrificing on quality.
Customers expect advanced care
- Speed is a critical factor when it comes to customer satisfaction: 70% of consumers say processing times are a key consideration when choosing a provider for a personal loan.
- 25% of consumers say processing delays are a significant reason to not select a provider: Real time updates on application status help to mitigate dissatisfaction when processing is delayed. A lack of transparency exacerbates frustration.
Enhanced accuracy and predictive power
- AI-powered analytics: Deliver more precise assessments of creditworthiness. Credit risk decisioning engines take advantage of machine learning algorithms to analyze extensive customer data sets. These tools identify patterns overlooked by traditional methods for more accurate results.
- Adopt a robust risk assessment strategy: Credit decisioning engines take in data from a wide array of sources, including utility payments, social media activity, and more. Get a more comprehensive view of each borrower’s unique financial situation, even among traditionally underbanked populations.
- Smarter decision-making: Deploy cutting edge analytics and machine learning algorithms to more effectively assess risk. AI-powered credit decisioning engines analyze historical data fast to predict future outcomes.
Increased efficiency and speed
- Faster processing: Credit decisioning rules engines analyze customer data to gain a deeper understanding of habits and behaviors. Use this data to tailor credit offers to each customer’s unique situation.
- Consistent Decision Making: Minimize human bias throughout the credit decisioning process. Credit decisioning engines apply uniform criteria to every application. Decisions are based solely on predefined criteria rather than subjective influences.
- Reduced workloads: Automate routine data collection and analysis throughout the credit decisioning process. Team members are freed to redirect their efforts towards more complicated cases for improved results across the board.
Boost customer satisfaction
- Personalized offerings: Automating the decision making process with a credit decisioning engine significantly reduces application processing times. Boost operational efficiency and empower your teams to handle higher volumes of applications without sacrificing quality.
- Agility and adaptability: Keep up with changing market conditions and the latest regulatory requirements. Quickly and easily adjust criteria to meet changing needs without involving IT teams.
- Faster processing: Reduce wait times without sacrificing accuracy. Engines process vast amounts of data quickly to deliver real time results. Respond to requests in less time and exceed customer expectations.
Advanced technology empowers your team
- Built for business users: Leverage existing data to author and manage rules and decision flows. Easily configure, adjust, and audit decision logic. No programming skills or advanced training courses required.
- Data driven and intuitive: FitLogic’s interfaces are intuitive and easy to use, and they support user-friendly visualizations of complex workflows. Monitor and measure decision supporting through configurable dashboards, simulations, and alerts.
- IT and tech friendly: FitLogic’s low code/no code framework eases the workload for technical and IT teams. Freed from more routine maintenance tasks, these professionals are able to focus on higher value tasks designed to improve operational efficiency
The C&R Credit Risk Lifecycle